High-speed Photometric Observations of ZZ Ceti White Dwarf Candidates

We present high-speed photometric observations of ZZ Ceti white dwarf candidates drawn from the spectroscopic survey of bright DA stars from the Villanova White Dwarf Catalog by Gianninas et al., and from the recent spectroscopic survey of white dwarfs within 40 parsecs of the Sun by Limoges et al. We report the discovery of six new ZZ Ceti pulsators from these surveys, and several photometrically constant DA white dwarfs, which we then use to refine the location of the ZZ Ceti instability strip.Comment: 4 pages, 1 table, 2 figures, to appear in "19th European White Dwarf Workshop" in the ASP Conference Serie

Job Mobility and Sorting: Theory and Evidence

I derive a measure of job mobility that reflects individuals ability to sort into the preferred jobs. Relying on the Survey of Income and Program Participation, I find that educational attainment tends to have a strong positive effect on internal (i.e., within firms) and external (i.e., between firms) job mobility. General experience and occupation-specific human capital have only a limited effect on both internal and external mobility. The impact of being versatile on an individual s external job mobility is substantial and similar in magnitude as the effect of a college degree on a high school dropout s external mobility

Business Cycle Fluctuations and the Distribution of Consumption

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that our approach is able to closely match business cycle fluctuations of consumption from the National Account. We then study the responses of the consumption distribution to total factor productivity shocks and economic policy uncertainty shocks. Importantly, we find that the responses of the right tail of the consumption distribution, mostly comprising more highly educated individuals, to shocks that drive cyclical fluctuations are larger and quicker than in other parts of the distribution. We note that the cost of business cycle fluctuations is larger than that found using aggregate consumption and that the shocks we analyze reduce consumption inequality on impact

Fiscal Austerity in Ambiguous Times

How should public debt be managed when uncertainty about the business cycle is widespread and debt levels are high, as in the aftermath of the last financial crisis? This paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that, without ambiguity, optimal surplus-to-output ratios are acyclical and that there is no rationale for either reduction or further accumulation of public debt. In contrast, ambiguity about the cycle can generate optimal policies that resemble "austerity" measures. Optimal policy prescribes front-loaded fiscal consolidations and convergence to a balanced primary budget in the long run. This is the case when interest rates are sufficiently responsive to cyclical shocks; that is, when the intertemporal elasticity of substitution is sufficiently low